Asia’s reinsurers continue to experience hard market conditions in 2023, offsetting the impact of inflation-induced rising claims, climate change and financial market volatility, according to Fitch Ratings.
These comments stem from the rating agency’s most recent report regarding the outlook of the Asian reinsurance market.
Jessica Pratiwi, Senior Analyst at the firm, said, “Asian reinsurers will continue to benefit from hard market conditions during 2023, with favourable rate increases. Reinsurers will also grapple with limited retrocession capacity.
